Over 80% of those who bought a property in the last 12 months would use an advisor again to secure a mortgage on their home, a recent study says.
According to research by The Legal & General Mortgage Club, 71% of those with past credit problems would also seek the advice of a mortgage broker before securing a mortgage.
Data such as this cements the idea that securing a mortgage without the help of a mortgage advisor is unwise. There are far too many drawbacks of seeking a mortgage independently, compared with the benefits that come with acquiring the services of a mortgage broker.
Looking at data sourced from IRESS, consumers have access to approx. 30,000 mortgage options with mortgage advisors and products compared to just 8,000 from the local branches.
Whilst this data is positive from the house-moving market, there is still a lot of homebuyers unaware of the benefits a mortgage broker can bring. If you happen to be one of those, then let us educate you!
Why Should I Use a Mortgage Advisor?
Would you sprint with heels on?
A fun analogy to think about, sure, but it holds true with mortgages and mortgage brokers.
When running, you want to move as smoothly as possible. For this to work properly, you want to grab yourself a decent pair of running shoes.
Hiring a mortgage broker is similar to when you’re trying to secure a mortgage. If you don’t hire an advisor, then you could start stumbling over some major financial hurdles without their assistance.
What if I Can’t Afford Payments in the Future?
Your mortgage advisor would then be looking at a lot of legal complications for their broker business.
They are liable for your mortgage deal and if it turns out that you can’t keep up the repayments, then you will not be held legally responsible. This brings added security to a mortgage deal because you are covered if anything goes wrong.
If you don’t use a mortgage advisor?
You could be held legally responsible, so this is always an important factor to consider.
How Can a Mortgage Advisor Help Me?
Mortgage Advisors can assist you in a number of ways. They can provide you with the necessary knowledge you need and the ways in which you can pay for your property. This advice includes your own financial situation, with discussions about how much you can afford each month and how likely you are to pay off any given mortgage.
Along with this imparted knowledge, mortgage advisors can also provide you with inside information on the current housing market. They will show you various mortgage packages from nationwide lenders, many of which would not be available if you went to the lender (bank) directly.
Advisors will speed up the process for you, too, including most of the paperwork that would otherwise be placed in your hands. They will take you through every stage of your application, giving you the right information to put you at ease with your decision.
Mortgage Advisors have in-depth access to the best mortgage products on the market and should, therefore, recommend to you the best choices according to your unique financial situation.
How Much is a Mortgage Advisor?
Mortgage Advisors have many different ways of charging fees. Most brokers charge fees that are highly dependent on your property value.
If you want to find out more about a mortgage advisor's fees and their average prices, then check out our average fees guide.
Where Can I Find the Right Mortgage Advisor?
To find the best mortgage advisor available for your house move, you’re in exactly the right place!
My Big Move work with only the best brokers in the country, but we give you the option to choose between them! We make sure that when you come to us, you have access to the very best levels of service and expertise that this industry can offer.
If you’re unsure where to look when searching for a mortgage advisor, then try searching through our handy comparison tool to find the best brokers in your area.